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H.R.2631 - Livestock Marketing Fairness Act

To amend the Packers and Stockyards Act, 1921, to prohibit the use of certain anti-competitive forward contracts. view all titles (2)

All Bill Titles

  • Official: To amend the Packers and Stockyards Act, 1921, to prohibit the use of certain anti-competitive forward contracts. as introduced.
  • Short: Livestock Marketing Fairness Act as introduced.

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Bill’s Views

  • Today: 1
  • Past Seven Days: 1
  • All-Time: 710
 
Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
07/25/11
 
 
 
 
 
 
 

Official Summary

Livestock Marketing Fairness Act - Amends the Packers and Stockyards Act, 1921 to prohibit a livestock sale forward contract (with an exception for specified cooperatives) that: (1) does not contain a firm base price that may be equated to a fixed dollar amount on the contract day; (2) is n

Official Summary

Livestock Marketing Fairness Act - Amends the Packers and Stockyards Act, 1921 to prohibit a livestock sale forward contract (with an exception for specified cooperatives) that:
(1) does not contain a firm base price that may be equated to a fixed dollar amount on the contract day;
(2) is not offered for open public bid;
(3) is based on a formula price; or
(4) provides for the sale of more than 40 cattle, 30 swine, or other livestock in a quantity as determined by the Secretary of Agriculture (USDA). Defines:
(1) \"firm base price\" as a transaction using an external source reference price;
(2) \"formula price\" as any price term that establishes a base from which a purchase price is calculated on the basis of a price that will not be determined or reported until a date after the forward price is established (with specified exclusions); and
(3) \"forward contract\" as a livestock purchase contract that provides for livestock delivery to a packer at a date that is more than seven days after the date on which the contract is entered into, without regard to whether the contract is for a specified lot of livestock or a specified number of livestock over a certain period of time.

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Organizations Supporting H.R.2631

  • NYC Food and Farm Bill Working Group
  • Western Organization of Resource Councils
  • Ranchers-Cattlemen Action Legal Fund
  • Food & Water Watch

Organizations Opposing H.R.2631

  • National Pork Producers Council




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